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Hong Kong tycoon Stanley Ho, center, poses with his family after receiving the Grand Bauhinia Medal in November 2010 Image by AFP/Getty Images via @daylife

The business empire built by Stanley Ho Hung Sun over the past 70 years took only about one month to descend into disarray.

Yesterday, Hong Kong's press corps, including Forbes, were busy reporting that Ho had transferred almost all of his stake in Sociedade de Jogos de Macau Holdings (SJM) to family members, based on a filing by SJM with the stock exchange.

Today, the South China Morning Post scooped us all with a report from Ho's lawyer that says his shares were "fraudulently misappropriated" by his family. "To say he is hopping mad about this whole incident is an understatement," said Gordon Oldham, senior partner at Oldham, Li and Nie Lawyers, according to the Post's report (behind paywall).

The dispute centers on a company called Lanceford, which had earlier been wholly owned by the gambling tycoon. Lanceford holds a 31.7% stake of Sociedade de Turismo e Diversoes de Macau (STDM), which in turn controls 56% of SJM's shares. SJM's casinos account for the largest share of the gambling market in Macau. Lanceford also holds a number of assets that represent the bulk of Ho's wealth, according to his lawyer.

The 89-year-old gambling tycoon's net worth was estimated at $3.1 billion by Forbes in mid-December. He has been married four times and has 17 children, many of whom are directly involved in his various businesses. Ho suffered a head injury in August 2009 that led to a lengthy stay in the hospital. Since then, he has only made a few public appearances with the close support of family members, fueling widespread speculation about succession plans for his empire.

According to the Post's report, it's not exactly clear how Lanceford was snatched away from Ho, but yesterday's statement indicates that his third wife, Ina Chan Un-chan, now owns a 50.5% stake, while the remainder is held by the children of his second wife, Lucina Laam King-ying: Pansy, Daisy, Maisy, Josie and Lawrence. Lanceford's share allotment form (courtesy of the Webb-site.com) shows the distribution of the company's shares had been signed by Daisy and filed with Hong Kong's Companies Registry late last month.